Glen Taylor Must Sell Timberwolves, Arbitration Panel Rules

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Glen Taylor Must Sell Timberwolves, Arbitration Panel Rules \ Newslooks \ Washington DC \ Mary Sidiqi \ Evening Edition \ A three-person arbitration panel ruled 2-1 that Minnesota Timberwolves controlling owner Glen Taylor must complete the sale of the team to Marc Lore and Alex Rodriguez, as originally agreed upon in their $1.5 billion deal. The ruling grants Lore and Rodriguez 90 days to finalize the purchase, pending NBA Board of Governors approval. Taylor expressed disappointment over the decision, while Lore and Rodriguez vowed to focus on bringing a championship to Minnesota.

Timberwolves Ownership Transfer: Quick Looks

Arbitration Panel Ruling: Taylor must cede control of the Timberwolves to Lore & Rodriguez.
Sale Timeline: The duo has 90 days to finalize the deal, pending NBA approval.
Taylor’s Resistance: Initially tried to pull out of the deal, citing missed deadlines.
Lore & Rodriguez’s Response: Accused Taylor of seller’s remorse, citing rising NBA franchise values.
New Investor Added: Former NYC Mayor Michael Bloomberg joins their financial team.
NBA Franchise Value Surge: Timberwolves now valued at $3.1 billion, more than double the original sale price.
Legal Battle Ends: After months of disputes, the ruling ensures the deal must proceed.

Deep Look

The long-running ownership dispute over the Minnesota Timberwolves has reached a definitive resolution after a three-person arbitration panel ruled 2-1 in favor of Marc Lore and Alex Rodriguez, compelling controlling owner Glen Taylor to honor their original purchase agreement.

This binding decision, issued on Monday, grants Lore and Rodriguez 90 days to complete the acquisition, subject to NBA Board of Governors approval, which requires at least 23 of 30 team owners to vote in favor. The ruling marks a major victory for Lore and Rodriguez, who have been locked in a high-stakes legal battle with Taylor over the final phase of their $1.5 billion deal.

The Timberwolves Ownership Dispute: A Breakdown

The Timberwolves’ ownership saga began in 2021, when Taylor agreed to sell the team to Lore, a billionaire e-commerce entrepreneur, and Rodriguez, the former MLB star, under a unique installment-based payment structure.

The deal allowed Lore and Rodriguez to gradually increase their stake over multiple payments, with the final transaction set to give them 80% control of the Timberwolves and the WNBA’s Minnesota Lynx.

However, in March 2024, Taylor abruptly announced that he was pulling out of the sale, citing:

Missed payment deadlines by Lore and Rodriguez.
Delays in the final transaction process, which Taylor blamed on the buyers.

Lore and Rodriguez denied the claims, arguing that the delays were caused by the NBA’s slow approval process. They also suggested that Taylor was experiencing seller’s remorse, as NBA franchise values had skyrocketed in recent years, making his original $1.5 billion sale agreement appear undervalued compared to the Timberwolves’ current $3.1 billion valuation.

Arbitration Ruling Forces Taylor to Sell

With mediation failing to resolve the dispute, both sides turned to arbitration. The panel, which convened in November 2024, consisted of:

Kathleen Blatz – Former Minnesota Supreme Court Justice (appointed by Taylor).
Joseph R. Slights III – Corporate governance attorney and former Delaware Superior Court judge (appointed by Lore & Rodriguez).
Thomas Fraser – Retired Hennepin County District Court judge (neutral arbitrator).

After reviewing the evidence, the arbitrators ruled in favor of Lore and Rodriguez, stating that Taylor must complete the sale as originally agreed.

Following the decision, Lore and Rodriguez issued a statement reaffirming their commitment to the Timberwolves’ future:
“We look forward to working with the NBA to complete the approval process and close this transaction so that we can turn our attention to winning championships in Minnesota for our incredible fans and the Twin Cities community.”

Taylor, in contrast, expressed disappointment and said he would review the ruling before making further comments.

Michael Bloomberg Joins Ownership Team

As part of their effort to strengthen financial backing, Lore and Rodriguez recently added billionaire Michael Bloomberg—former New York City mayor and financial mogul—to their investment team.

Reports indicate that their group now has $940 million in available capital, allowing them to fully buy out Taylor’s remaining shares rather than keeping him as a 20% minority owner, as the original deal had outlined.

NBA Franchise Value Boom & Seller’s Remorse Accusations

The escalating value of NBA franchises has played a major role in this ownership dispute.

When the Timberwolves sale was first agreed upon, the $1.5 billion price tag seemed reasonable.
However, by 2024, Forbes valued the franchise at $3.1 billion, ranking 28th in the league.
The sudden jump in valuation led to speculation that Taylor regretted the sale and attempted to back out in order to re-negotiate at a higher price.

Impact on the Timberwolves Franchise

The Timberwolves, once a perennial lottery team, have undergone a dramatic turnaround in the 2023-24 season, emerging as one of the top teams in the Western Conference.

The franchise’s resurgence has further fueled the notion that Taylor may have wanted to retain control to capitalize on the team’s on-court success.
Timberwolves head coach Chris Finch acknowledged the ownership turmoil but emphasized that it had not impacted basketball operations:
“I’ve had a great relationship with all three owners. It hasn’t affected our basketball abilities, which has been the most important thing.”

NBA Commissioner Adam Silver’s Response

The structure of the Timberwolves sale was unusual in that it stretched over several years, allowing Taylor to gradually mentor Lore and Rodriguez.

Following the dispute, NBA Commissioner Adam Silver stated that the league would advise against similar extended sales in the future to avoid such ownership conflicts.

What Happens Next?

The next steps in the ownership transfer include:

Finalizing the sale within 90 days, per the arbitration ruling.
Securing NBA Board of Governors approval, requiring 23 out of 30 team owners to vote in favor.
Determining Taylor’s final role, as Lore and Rodriguez may now opt to buy him out entirely instead of keeping him as a minority owner.

With this ruling, the Timberwolves’ ownership transition appears inevitable, marking a new era for the franchise under Lore and Rodriguez.